A. On February 19, 2010, Seongbuk Construction Co., Ltd. (Seoul Central District Court Decision 2014 Gohap10184, Dec. 24, 2014) concluded a sales contract with the Defendant for KRW 430,825,00 with regard to “C apartment Nos. 1703, 102, 1703” (hereinafter “instant sales contract”), and its main contents are as follows.

Article 3 (Cancellation of Contracts) (1) In the event that Party B (Defendant) commits any of the following acts, Party A (Plaintiff) may cancel this Agreement after giving notice, if no performance is made:

1. Where the part payment prescribed in Article 1 has not been made on at least three consecutive occasions, and the payment has not been made with a peremptory notice given at least twice within a 14-day grace period;

2. Where the balance is not paid within three months from the expiration date of the designation period for moving-in, the penalty for breach of contract and refund) under Article 4 (Penalties) (1) 1 through 4, and 3 (2) shall be reverted to the penalty for breach of contract when the contract is cancelled for the reasons provided for in Articles 3 (1) 1 through 4, and

(3) In cases falling under paragraph (1), in cases falling under paragraph (1), interest equivalent to 5% per annum shall be added to the amount for which Eul has already paid (Provided, That interest shall be deducted from an intermediate payment loan paid by Gap, and in cases falling under paragraph (1), penalty shall also be deducted).

(5) Where Eul has received an intermediate payment loan, Eul shall pay the interest expenses paid by Gap in addition to the penalty for breach of contract when Eul cancels the contract.

B. Upon entering into the instant sales contract, the Defendant paid 21,600,000 won to the Plaintiff.

The plaintiff received a loan from a financial institution as follows 3-

B. Paragraph 2 (2) [The Defendant’s payment of KRW 43,00,00 for each intermediate payment of KRW 43,000 on the date indicated in the table was made, and the Defendant paid KRW 31,819,148 on behalf of the Defendant by May 30, 2012.

C. On December 7, 2012, the Plaintiff cancelled the instant sales contract to the Defendant on the ground of the failure to pay the remainder.